Homebuyers give their collective cold shoulder to new flats in Tuen Mun, Tai Po as persistent protest rallies weigh on sentiments

By Cheryl Arcibal cheryl.arcibal@scmp.com / https://www.scmp.com/business/article/3018493/homebuyers-give-their-collective-cold-shoulder-new-flats-tuen-mun-tai-po?utm_medium=partner&utm_campaign=contentexchange&utm_source=EdgeProp | July 16, 2019 3:17 PM SGT
Hong Kong's property buyers gave their collective cold shoulder to the biggest sale of new homes in a month, picking up just over 30 per cent the 442 new flats on offer, as sentiments stayed downbeat amid protest rallies that have persisted since early June.
Wing Tai Properties sold 23 of the 110 flats at its OMA OMA project in Tuen Mun as of 9pm, according to sales agents. China Overseas Land & Investment sold 111 of 332 units on offer at The Regent in Tai Po, with a total contracted sales value of HK$1.03 billion (US$131.6 million).
Tepid sales were also reported in previously launch projects that were trying to clear their unsold apartments. K. Wah International sold two of 15 Solaria units in Tai Po, New World Development sold four of six Fleur Pavilia flats on offer in North Point, while Sun Hung Kai Properties sold six of the 10 apartments on offer at Mount Regency in Tuen Mun.
"The sales were not great," said Sammy Po, chief executive at property agency Midland Realty's residential department. "It's reasonable and expected. The units on offer are mainly the last batch of units [that were already launched weeks ago] and people just lost interest in them."
Hong Kong's developers have slowed their sales launches amid concerns of a new battlefront in technology between the world's two largest economies, which would hurt the city's business prospects, spilling over to shrinking corporate profits, a weak stock market, and job losses.
Sentiments had been further dampened since June 9, when an estimated 1 million protesters took to the city's streets to demonstrate their opposition against a controversial extradition bill, kicking off several weeks of sporadic protest rallies around the city.
Even though the controversial bill is "dead", according to a July 9 admission by the city's Chief Executive Carrie Lam Cheng Yuet-ngor, protesters have pressed on with their rallies, weighing on Hong Kong's business sentiments.
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